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<br />~ <br /> <br />1 <br /> <br />I <br /> <br />I <br /> <br />.... <br /> <br />7-1? <br /> <br />NOES: None. <br /> <br />The Mayor announced that the ordinance had been finally <br />passed. <br />The ORDINANCE is as follows: <br /> <br />AN ORDINANCE <br /> <br />BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS WATER- <br />WORKS AND SEWER IMPROVEMENT REFUNDING BONDS, SERIES <br />OF 1955, FOR THE PURPOSE OF CANCELING, REFUNDING AND <br />IN LIEU OF A LIKE AMOUNT OF OUTSTANDING WARRANTS OF <br />SAID CITY; PRESCRIBING THE FORM OF THE BONDS AND INTER- <br />EST COUPONS; PROVIDING FOR THE LEVY, ASSESSMENT AND <br />COLLECTION OF AN ANNUAL TAX ON EACH.ONE HUNDRED DOLLARS I <br />VALUATION OF ALL TAXABLE PROPERTY WITHIN THE TERRITORIAL <br />LIMITS OF THE CITY TO PAY THE PRINCIPAL AND INTEREST ON <br />SAID BONDS AT MATURITY; ENACTING PROVISIONS INCIDENT AND <br />RELATING TO THE SUBJECT AND PURPOSE OF THIS ORDINANCE; <br />AND DECLARING AN EMERGENCY. <br /> <br />WHEREAS, the City Council of the City of San Marcos, Texas, <br /> <br />has heretofore passed an ordinance authorizing the issuance of <br /> <br />CITY OF SAN MARCOS WATERWORKS AND SEWER IMPROVEMENT WARRANTS, <br />SERIES OF 1954, dated September 1, 1954, Numbered 1 to 35, both <br />inclusive, in the denomination of $1,000 each, aggregating $35,000, <br />bearing 3-1/2% interest per annum, and maturing on September 1st, <br />$2,000 in each of the years 1967 to 1970, inclusive, $3,000 in 1971, <br />$5,000 in each of the years 1972 and 1973, and $14,000 in 1974, of <br />which issue there are now outstanding and unpaid warrants aggrega- <br />ting $31,000.00, being Warrants Nos. 1 to 31, inclusive; and, <br />WHEREAS, the City Council of said City deems it advisable and <br />to the best interest of said City to cancel the above described <br />warrants now outstanding by the issuance of refunding bonds in lieu <br />thereof; and, <br /> <br />WHEREAS, the Mayor of the City of San Marcos has heretofore <br />been directed to give notice of the intention of the City Council <br />to refund said warrants, as required by Chapter 163, Acts of the <br />Forty-second Texas Legislature, Regular Session, as amended; and, <br />WHEREAS, said notice was duly given by pUblication of said <br />notice of intention to issue said refunding bonds in a newspaper <br /> <br />of general circulation published in said City for the time and in <br />